Regardless of your financial status, having a budget is an important tool to keep your finances in check. This can be done by using online tools or by getting help from a professional such as a financial planner. A little savvy can go a long way to helping you figure out where your money is going, or how it can be better used.

WATCH: Canadians hit a new record for household debt

2:35Canadians hit a new record for household debt

Canadians hit a new record for household debt

“Maybe you’re putting money into a TFSA, when you should be putting it into a RRSP, which could be netting you a tax deduction that then could be paying down your mortgage,” said Keehn.

One in five Canadians would run out of money within a week if they lost their job, a recent study by the Financial Planning Standards Council found.

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For some people, getting their finances in order means starting at the bottom and contacting a credit counsellor.

“They’re swimming in debt, they’re getting calls, they’re scared to call their banker, they’re scared to call their credit card company… Get your financial health in order. Figure out what you need to do.”

“For some, a $50 increase in their obligations… may mean they would not be able to fill their gas tanks to get to work,” Jason Wang, TransUnion’s director of research and industry analysis in Canada told The Canadian Press this fall.

Is this the best deal?

You shop around for jeans, shoes, a new vehicle – so do the same for your financial needs.

“A lot of people are loyal to their banks and they shouldn’t be, they should be shopping around,” said Kerri-Lynn McAllister, chief marketing officer with RateHub.ca. “They’re leaving sometimes thousands of dollars on the table.”

WATCH: Getting the most out of your credit cards

Services such as RateHub.ca, RateSupermarket.ca, and CreditCards.com compare thousands of credit cards, loans and bank accounts, often tailored to your wants and needs.

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The same goes for mortgages – visit your bank, but also ask your friends for referrals. And while you’re shopping for a house, be sure to lock in the current rate in case it goes up by the time you’re ready to buy.

“Anyone considering getting a mortgage… they should be getting pre-approved, they should be getting locked in,” president of mortgage brokerage CanWise Financial James Laird told Global News last week. “We do think that rates are going to continue to push up.”

Is your credit in good standing?

Though some people are scared to look at their credit score, knowing what it is – and working to improve it – can actually save you money.